SES SA: FCC release points to 160MHz and same financial approach as last time

Research evidence excerpt

SES SA: FCC release points to 160MHz and same financial approach as last time

alculation that is a little below depreciation. Finally, as with other groups in our coverage with similar situations,

we include a 5% ownership discount to capture the large holding of the Luxembourg government in SES.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Downside risks include weaker trends in the key

revenue streams due to structural factors and a delay to the mPower coming into services. Upside risks include any upside at all to numbers and

evidence that mPower is generating strong new contracts.

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed

below or by an independent and non-affiliated third-party entity (as may be communicated to you by such third-party entity in its communications

with you). It is provided for information purposes only, and Barclays makes no express or implied warranties, and expressly disclaims all warranties of

merchantability or fitness for a particular purpose or use with respect to any data included in this publication. To the extent that this publication states

on the front page that it is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt

research reports prepared for retail investors under U.S. FINRA Rule 2242, it is an “institutional debt research report” and distribution to retail investors